Robust two-stage optimization consensus models with uncertain costs

Huanhuan Li, Ying Ji, Jieyu Ding, Shaojian Qu, Huijie Zhang, Yuanming Li and Yubing Liu

European Journal of Operational Research, 2024, vol. 317, issue 3, 977-1002

Abstract: In the consensus-reaching process (CRP), decision-makers (DMs) frequently encounter the dilemma of too much uncertain information, which can lead the actual decision to deviate from the optimal solution obtained by the currently used consensus models. To do this, we construct two robust two-stage optimization consensus models with uncertain costs and obtain their robust two-stage counterparts. We then apply a Benders decomposition algorithm to solve the resulting models. Finally, the experimental results show that the new models are better suited for uncertain contexts and could help DMs produce more reliable choices.

Keywords: (S) group decisions and negotiations; Minimum cost consensus; Two-stage stochastic programming; Robust optimization (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ejores:v:317:y:2024:i:3:p:977-1002

DOI: 10.1016/j.ejor.2024.04.020

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